The business secretary Sajid Javid ha been holding a  round table meeting with business leaders this afternoon in the wake of the Brexit vote. 

Afterwards he had this to say:

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Britain's top share index bounced back on Tuesday following steep falls yesterday and on Friday. Insurers and banks, hit hard following the Brexit vote, led the market higher. 

"Equities look to have found their footing post-Brexit despite political turmoil in Westminster," Mike van Dulken, head of research at Accendo Markets, said. 

 "Bargain-hunting may be helping as opposed to emergence of genuine support as markets adjust to a new normal and the prospect of the UK outside the European Union." 

The FTSE 100 rose by 2.64% to 6,140.39.

The FTSE 250 - seen as a better indicator of UK businesses - closed at 15,503.06 - that's a rise of 3.58%.

Dominic Chappell still owes Alex Dellal £75,000, he told a committee of MPs. 

The matter is now in lawyers’ hands, he said. 

The loan was advanced at the rate of 1% a month, to help Mr Chappell with a tax bill. The original figure was £150,000 and half was repaid on time. 

When asked if he was happy with the situation regarding the loan, Mr Dellal said “I’m less happy now than the day I did it."

The Business, Innovation and Skills Committee and Work and Pensions Select Committee are holding further evidence sessions this week as part of their inquiries into BHS.

First up this afternoon is Alex Dellal of the property investors Allied Commercial Exporters who lent former BHS owner Dominic Chappell money to buy properties. 

Ratings agency Fitch says Brexit will not harm US creditworthiness.

The rating agency said the impact is likely to be felt most in the strengthening of the dollar and tightening of credit. 

Fitch said a shock to global trade posed less of a risk to the US than other developed economies.

“The outcome of the United Kingdom's referendum on European Union membership will spill over to the US economy but will not impact US creditworthiness,” said a spokesman.

Image source, Associated Press

Dow Chemical will cut around 2,500 jobs worldwide or 4% of its global staff. 

The move is part of a consolidation process as the company prepares for a merger with DuPont. 

As part of the tie-up Dow will close silicone manufacturing plants in North Carolina and Japan. 

Dow and DuPont plan to merge and split into three separate publicly traded companies.

Volkswagen's chief financial officer says the settlements announced with the authorities in the US are "within the scope of our provisions" and that the company is in a position to manage the consequences. 

In April VW said it had set aside $18.2bn to cover the cost of the scandal worldwide, which includes a total of 11 million vehicles. 

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As we reported earlier VW has reached proposed settlements involving nearly 475,000 if its 2 litre Volkswagen and Audi diesel vehicles with the authorities and vehicle owners and lessees in the US. The deal will cost the company $15.3bn (£11.4bn). 

It is understood to be the largest consumer class-action settlement against a car firm in US history.

In essence VW will either buy back the cars or end the lease early plus offer cash compensation.

Or it will modify the car to improve emissions and offer cash compensation. 

It has also agreed to promote zero emissions vehicle technology.

Image source, AP

Wall Street has followed European exchanges by opening higher today.  

The Dow Jones rose 1.09% to 17,327.06.

The Nasdaq was up 1.40% to 4,658.96.

And the S&P 500 was at 2,022.26 - a rise of 1.09%.

Investors seem to be grabbing the chance to snap up shares which have fallen dramatically because of the uncertainty surrounding the UK's vote to leave the EU.

If you missed the Chancellor of the Exchequer's interview with Today this morning - there's a chance to catch up with the podcast ...

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Parliamentary correspondent Sean Curran reports:

The Business Secretary, Sajid Javid, says the result of last week's EU referendum has led to some "short-term challenges" for business, but he told MPs there were also medium and long-term opportunities for business, including the car industry. 

Mr Javid said many UK businesses were reflecting on last week's decision and told the Commons, "my job is to re-assure them that this decision can be made to work. As well as looking at challenges there are plenty of opportunities."

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Sterling is off the ropes after its nadir of $1.3122 yesterday and is up 0.8% to $1.335. Against the yen, the pound rose 1.3% to 136.54. 

Ned Rumpeltin, TD Securities' European head of currency strategy, said: "After a few days of a lot of volatility, it looks like we have found some stability. People will now need to see a bit more on the big questions such as what is the timeline for the UK withdrawal and what are the effects going to be for the global economy."

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The US economy grew slightly faster at the start of the year than previously estimated, even though consumer spending posted the smallest gain in two years. The Commerce Department says the gross domestic product expanded at an annual rate of 1.1% in the first quarter - an improvement from the 0.8% rate released last month. 

The revision reflects stronger exports and less drag from business investment. But offsetting those gains, consumer spending growth was revised down to 1.5%. That was the weakest showing since the first quarter of 2014.   

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Clothing retailers are among the big winners so far on the FTSE. 

Next and Associated British Foods - owner of Primark - have each made back some of their losses since the Brexit vote, rising 10% and 8% respectively. They are both still down though (Next by 13% and ABF 10%) since the Leave victory on Friday.

Smaller retailers are also enjoying a bounce. Supergroup, which owns Superdry is 5% higher, while online fashion retailer Boohoo.com edged up 3%. 

Image source, Getty Images

American owners of cars with 2-litre diesel engines can either sell their car back to VW or get it repaired. They each will also receive compensation of between $5,100 and $10,000.

The settlement also includes $2.7bn for environmental mitigation and another $2bn for research on zero-emissions technology.